MF Global fires its entire work force

(AP) - Defunct trading company MF Global Inc. says itis terminating its entire workforce of 1,066 employees.The company said Friday it is dismissing workers in

NEW YORK - (AP) - Defunct trading company MF Global Inc. says itis terminating its entire workforce of 1,066 employees.

The company said Friday it is dismissing workers in accordancewith a bankruptcy court-mandated liquidation. Between 150 and 200former employees are being hired to assist with the liquidation andcourt proceedings.

MF Global declared bankruptcy after losing money on a number ofbad bets on derivatives contracts, precipitated by the Europeanfinancial crisis.

The company did not immediately return a call seeking comment.It said in a statement that all the employees were notified oftheir termination Friday. The company said it is working to vacateits headquarters in New York as soon as possible and will close thefacility.

advertisement | advertise on News 12

Trending Video

A bacterial infection known as leptospirosis is affecting 1 Bacterial infection affecting dogs in New Jersey
A scuffle broke out following the hearing of 2 Scuffle breaks out following hearing of 2 accused in Paterson murder
One of those accused is Eric Seaberg, who 3 5 accused of stealing Superstorm Sandy relief funds
Police responded to a possible shooting in Jersey 4 Police respond to possible shooting in Jersey City
News 12 New Jersey - Weather On The 5 New Jersey Weather Forecast

advertisement | advertise on News 12

Features

It's good to know you have Walt Kane Kane in Your Corner

It's good to know you have Walt Kane in your corner.

News 12 takes a look at the hottest Tech Check

Eric Landskroner has a look at the latest gadgets and biggest stories in tech.

News 12 On the Scene

Check out these exclusive videos from New Jersey celebs!

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE